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5th Century Partners Announces Acquisition of Perspecta
Trends in cost containment, provider network management and healthcare price transparency position Perspecta for strong growth
CHICAGO, February 23, 2023-- 5th Century Partners, a purpose-driven private investment firm committed to driving economic and social impact, today announced that it has acquired Perspecta, a leading provider of physician directories and data management solutions in workers' compensation, government and commercial healthcare. With this investment, 5th Century Partners will drive accelerated growth for a market leader in healthcare transparency and provider network management solutions.
"There are critical conversations happening across the healthcare ecosystem calling for better cost containment and price transparency. We expect these trends to continue and believe Perspecta has the solutions to help the industry meet these needs," said Marques Torbert, Managing Partner at 5th Century Partners. "I've known the Perspecta team for a decade, and the company's experienced leaders have the ability to understand the opportunities and execute. We're pleased to formalize our relationship as we work together to continue to grow the business and contribute to moving the healthcare industry forward for the benefit of all stakeholders."
Based in Philadelphia, Perspecta operates in the workers' compensation and group health space and provides service and technology-based solutions that help property and casualty insurance companies, health plans, managed care providers and third-party administrators manage their physician data and networks. The company's products are specifically designed to help these stakeholders maintain compliance with state and federal regulations, improve data management requirements and enhance cost containment. Perspecta's solutions create a transformative patient and user experience by providing accurate, reliable and transparent healthcare and provider information. The company currently serves more than 75 customers, including several top 10 insurance carriers, health plans and third-party administrators across the U.S., and has more than 40 employees.
"This is a major milestone for Perspecta, and we're thrilled to have the support of 5th Century Partners as we enter this new chapter," said Howard Koenig, President and CEO at Perspecta. "Marques and the 5th Century Partners team bring deep healthcare expertise, valuable relationships, additional financial resources and have significant experience operating companies in this space. They know our business, and both Perspecta and our clients will greatly benefit from this partnership."
Perspecta is a rapidly growing and profitable business with significant opportunities for expansion. As part of the investment, 5th Century Partners will work with leadership to build out the company's national sales and account management team to drive growth in various verticals while targeting specific end markets. The firm will also work to enhance Perspecta's go-to-market strategies to generate new product development, grow existing customer accounts and drive retention with best-in-class customer service.
"Our deep sector knowledge and strong relationship with the management team positioned us as the partner of choice to help grow Perspecta," said Bruce Hampton, Managing Partner at 5th Century Partners. "We look forward to activating our robust network of operators and advisors in the healthcare industry on behalf of the company and investing in technologies to anticipate the future needs of Perspecta's customers."
In partnership with 5th Century Partners, current president and CEO, Howard Koenig, and co-founder and COO, April Stiles, will continue to lead the day-to-day business operations, while maintaining equity ownership in the business. Koenig is a seasoned operator in insurance, healthcare and financial services and brings more than 25 years of executive leadership and experience in driving innovation and hypergrowth across technology. Stiles has more than 21 years of experience in the software, insurance and managed care industries.
"The healthcare industry at large continues to see strong tailwinds, and our company is in an excellent position to expand our role as a leading provider of data management," said April Stiles, co-founder and COO at Perspecta. "The support of 5th Century Partners will not only accelerate our growth but allows us to deliver our solutions to more customers, providers and consumers, further empowering people to make informed care decisions and creating greater impact across the healthcare continuum."
DLA Piper served as legal counsel to 5th Century Partners, and CIBC Innovation Banking provided debt financing to support the transaction. Canaccord Genuity was the sell-side advisor to the transaction. The financial terms were not disclosed.
Perspecta is a leader in provider data management solutions designed to optimize the business of healthcare. With a portfolio powered by industry leading technologies, Perspecta is reimagining provider data management. Through deep domain expertise and spirit of innovation, Perspecta accelerates the transformation of provider network management, delivering value to customers and the providers, consumers and partners they serve. Perspecta's provider data management solutions create a better user experience and significant return on investment for health plans, workers compensation and provider organizations. With the industry's highest accuracy rating of more than 95%, Perspecta is the leading choice for provider network data & directory management. Learn more at www.goperspecta.com.
About 5th Century Partners
5th Century Partners is a purpose-driven private investment firm that invests in middle-market companies within healthcare, consumer and business services that are committed to driving economic value and social impact. The firm provides capital, operating expertise and strategic relationships that lead to sustainable growth, which in turn allows partner companies to realize their full potential and deliver positive outcomes to their stakeholders. Learn more at www.5cpartners.com.